X0202 4 2008-02-13 0 0000043196 GRAY TELEVISION INC GTN 0001282493 COWART JACKSON S IV 126 N WASHINGTON STREET ALBANY GA 31701 0 1 0 0 Chief Accounting Officer Gray Common Stock - GTN 5448 D Gray Class A Common Stock - GTN.A 29 D Gray Common Stock - GTN 3696 D Gray Common Stock - GTN 2433 I Held by spouse Gray Class A Common Stock - GTN.A 363 I Held by spouse Option - GTN 7.64 2008-02-13 4 A 0 16000 0.00 A 2010-02-01 2013-02-01 GTN 16000 16000 D Option - GTN 9.71 2005-06-07 2010-06-07 GTN 10001 10001 D Options - GTN 9.71 2005-06-07 2010-06-07 GTN 3000 3000 I Held by spouse Held in a 401(k) account and based on plan website as of 2/13/08. Puchased through and held in Gray's Employee Stock Purchase Plan. Shares were purchased over time through payroll deductions at an average price per share of $10.29. Balance updated as of 2-13-08. Reflects anti-dilution adjustment undertaken as a result of the spin-off completed on December 30, 2005. J. S. Cowart IV 2008-02-13